But the two are not the same: the global minimum tax applies a country-by-country computation to determine the amount, whereas US rules apply to US-based multinationals' total foreign profits. It also grants US-headquartered multinationals a competitive advantage over other multinationals, all of which are still subject to the 15% global minimum tax. But no country should relinquish its sovereign right to tax multinationals and the super-rich. The text of the tax convention should reflect this. Failing that, the current, deeply flawed rules will become entrenched, and the pursuit of "compatibility" with existing frameworks developed at the OECD will compromise both the ambition and the objectives of the UN Tax Convention.

Source: Bangkok Post February 12, 2026 23:17 UTC